Muscat: Oman Chamber of Commerce and Industry (OCCI) organised a seminar on "The Economies of the GCC States in the Post-Oil Era: Horizons and Solutions" under the patronage of Sultan bin Salim Al Habsi, Secretary General of the Supreme Council for Planning.
The aim was to identify the nature of the challenges of global oil prices and their impact on the region, and to take advantages of the regional and international expertise in economic diversification to find new alternatives that gradually move away from dependence on oil as the main source of income.
Dr. Abdul Latif bin Rashid Al Zayani, Secretary-General of the Gulf Cooperation Council, said in a speech that the GCC countries have sought to exploit oil revenues in implementing development plans to achieve sustainable development and provide a stable, prosperous and secure environment that gives the Gulf man the opportunity to produce and innovate as they are the goal of development and its source and means.
Qais bin Mohammed Al Yousef, Head of the Economic Committee at OCCI said that the seminar seeks to identify the nature of the current and future effects of the fall of world oil prices on the GCC countries.
The seminar, which was held at the Grand Millennium Hotel, included several discussion sessions. The first session was entitled "Empowerment of the Gulf Private Sector to Lead Economic Development". The second session, entitled "Promising Opportunities of Non-Oil Sectors," discussed the positive aspects of low oil prices. The third session dealt with the sources of financial liquidity and future financing in the GCC countries.